Torex Gold Reports Record Annual Gold Production
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Torex Gold Reports Record Annual Gold Production

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Karin Dilge By Karin Dilge | Journalist and Industry Analyst - Fri, 01/13/2023 - 15:00

The Canadian mining company announced a record annual gold production of 474,035oz in 2022 and said it is well-positioned to offer another solid year operationally. 

According to Torex Gold, the full-year gold production surpassed the upper end of the guided range from 430,000 to 470,000oz, going beyond predictions for the fourth year in a row. In addition, the company sold 473,122oz of gold during the year, of which 121,913oz was sold in 4Q22.

“We delivered an outstanding year operationally in 2022, surpassing production guidance and achieving record gold production of 474,000 oz. Our excellent operational performance this year included record annual throughput in the mill of 12,600t/d and record annual contribution from the ELG Underground,” said Judy Kuzenko, CEO, Torex Gold. 

Kuzenko mentioned that the results achieved are a result of the ongoing hard work, adherence to disciplined systems and processes and dedication of the company’s team to deliver safe and reliable production.

“Fourth quarter gold production of 116,196oz was supported by strong gold grades to the mill, in part owing to the ELG Underground team delivering a new quarterly record mining rate of 1,685t/d, exceeding the previous record of 1,582t/d set during 2Q22,” added the CEO. 

Torex Gold also announced it is well-positioned to deliver another solid year in its operations as it looks to maintain the steady performance in the mill and increase underground mining rates to 1,800t/d by the end of 2023. The company will continue with the construction and development of the Media Luna Project.

“In addition to excellent operational results, during the quarter, steady progress was made at the Media Luna Project with key engineering and procurement activities advancing. Record development rates were achieved in the Guajes Tunnel during December with an average advance rate of 7.2m/d. With total development at 3,250m in the Guajes Tunnel at year-end, the tunneling team has now successfully crossed under the Balsas River and continues to be on pace for breakthrough in early 2024, if not before,” said Kuzenko. 

Torex Gold also set ambitious climate change goals such as achieving net zero greenhouse gas (GHG) emissions by 2050. The company recently announced the construction of a new 8.7MW solar plant at its Morelos property. In addition, Torex will imminently award a contract for a new fleet of battery-electric vehicles to support its core production. The solar plant and the fleet are key pillars in achieving Torex's GHG reduction targets. Kuzenko emphasized that these initiatives lead to significant cost and efficiency savings, as electricity and diesel consumption will be reduced.

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